LONDON -(Dow Jones)- Steel titan ArcelorMittal (MT) expects to sell a significant portion of its $10 billion in minority investments and joint ventures in order to shore up its balance sheet.
Chief Financial Officer Aditya Mittal said that management is looking at $10 billion in assets and joint ventures on its balance sheet which could be sold off as a non-core assets in order to reduce net debt and protect its credit rating.
"We expect that [a] significant portion of that would be crystallized," Mittal told analysts in a call. He declined to provide a specific dollar value for how much might be raised from the sale of non-core assets.
Mittal, however, said there were a "few more [asset disposals] in the pipeline to be announced in the second quarter" and said that he expects net debt to fall below $22.5 billion by the end of June.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; firstname.lastname@example.org
(END) Dow Jones Newswires
May 10, 2012 11:29 ET (15:29 GMT)
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